South Korean health care startup Sky Labs said Thursday it is seeking to debut its ring-type blood pressure monitor, CART BP, in the US and Europe next year following its Korean launch in July to enjoy insurance benefits.

The announcement comes after the nation’s Health Insurance Review & Assessment Service recently decided to allow the health care ring to get covered by the National Health Insurance Service.

CART BP is the first ring-type medical device approved by the Ministry of Food and Drug Safety. Unlike other devices, it can be prescribed at hospitals to get insurance benefits.

It costs about 15,000 won to 18,000 won ($10-$13) to rent the device at hospitals. The actual costs for patients are reduced to some 5,000 won.

“CART BP will provide hypertension patients and medical workers with more detailed blood pressure records, allowing early and optimized diagnosis of health conditions related to hypertension,” Sky Labs CEO Jack Lee said during a press conference in Seoul earlier in the day.

According to Lee, the ring-type CART BP, a cuffless blood pressure monitor, is designed for patients to simply wear the ring to keep track of their blood pressure records. Patients can also check their blood pressure records at any time on CART BP application, which uses artificial intelligence-powered analytic tools that process data.

Because the device records the blood pressure of patients 24/7, the device can help medical workers to diagnose patients with white coat, masked, morning and nocturnal hypertension, Lee added.

Sky Labs added the company has conducted comparative studies and confirmed the accuracy of CART BP’s blood pressure measurement, compared to other existing blood pressure measuring methods.

CART BP will be available at local hospitals and clinics, starting in July. Daewoong Pharmaceutical, Sky Labs’ domestic sales partner, will be responsible for marketing and distribution of the device, it added.

Sky Labs said it is also in talks with Japanese electrical equipment manufacturer Omron, the world’s leading blood pressure monitor maker, for the device’s overseas launch.

SK Labs is conducting additional clinical studies to secure data needed for regulatory approvals in Europe and the US. The company said it aims to launch CART BP in Europe by the end of this year and in the US by the end of next year. The company will prepare for launches in China and Japan as well, it added.